The biggest update to Ethereum ever just went into effect. Experts in the crypto industry are calling it a “game changer” for the whole industry. So far, everything points to the fact that the so-called merge, which is meant to cut the cryptocurrency’s energy use by more than 99%, worked.
The first proof-of-stake block of transactions has ended, and almost all of the clients who took part did so. This was by far the best that could have happened.
The update to the ethereum network changes how the blockchain secures its network and checks transactions in a fundamental way. Most of these changes are happening behind the scenes, and a successful upgrade is one where the end user doesn’t notice anything different in the coming hours and days.
With the update, Ethereum switched to a system called “proof-of-stake,” which replaces “miners” with “validators.” Instead of running a lot of computers, validators use the ether they already have to check transactions and create new tokens. This uses a lot less power than mining, and experts say it will make the protocol safer and last longer.
After the merge, the price of ether went up. It is being sold for about $1,640, which is more than a 3% increase in the last hour.
Source Link What does Ethereum’s new software update do?
